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COVID-19 - News digest as of 22.06.2020

June 22/2020

1. Dutch business coalition, including AkzoNobel, calls for sustainable COVID-19 recovery plan

MOSCOW (MRC) -- AkzoNobel, together with the other members of the Dutch Sustainable Growth Coalition (DSGC), a CEO-led coalition of eight Dutch multinational corporations, has endorsed sustainability as the cornerstone of COVID-19 recovery plans at a national and EU level, said Chemweek. DSGC is calling on the Dutch government to endorse the EU Green Deal as one of the cornerstones of the EU"s recovery plan, and build a COVID-19 recovery plan around an investment schedule that firmly puts the Dutch economy on the path of realizing the UN Sustainable Development Goals (SDGs) and the Paris Climate Agreements, AkzoNobel says.

2. Beijing outbreak dampens oil demand, but government response key

MOSCOW (MRC) -- The reemergence of COVID-19 cases in Beijing is expected to dampen oil demand as flights are canceled, schools shut and neighborhood lockdowns initiated, but the extent of demand destruction for both oil and gas will depend on how swiftly the government is able to contain the spread and which sectors are most seriously impacted, said S&P Global. For now, the measures taken by the government seem moderate, but effective. Some provinces are tightening checks on people and vehicles from Beijing, but no stricter measures are implemented at the national level, S&P Global Platts said in a report June 16.

3. Saudi Aramco cuts hundreds of jobs amid oil market downturn

MOSCOW (MRC) -- State oil giant Saudi Aramco started laying off hundreds of employees this month, two sources familiar with the matter said, as global energy companies reduce their workforces in response to the coronavirus crisis, reported Reuters. Like other top oil firms, Aramco has cut capital spending for 2020 after the pandemic brought an unprecedented drop in oil demand and hammered crude prices. Oil majors have cut workforces by 10% to 15% to cuts costs and as part of restructuring plans.

4. PTTCG America announces final investment decision to remain on hold amid fallout from the pandemic

MOSCOW (MRC) -- PTTCG America said in early June it could not confirm PTT Global Chemical CEO Kongkrapan Intarajang"s statement to Nation Thailand a week earlier that its final investment decision on a petrochemical complex in southeast Ohio had been pushed back to 2021, but said that decision remains on hold amid fallout from the pandemic, reported S&P Global.
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, propylene, ethylene, petrochemistry, Akzo Nobel Functional Chemicals BV, PTT Chemical, Saudi Aramco, COVID-19, China, Netherlands, Saudi Arabia, Thailand.
Category:General News
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